- In a new study, 23% of UK adults are now concerned about their financial health 
- 34% say not being able to pay basic living costs, such as rent, energy bills and food, is their biggest financial concern 
- Employer support could include retail discounts in the high street, increased frequency of salary payments and Employee Assistance Programmes (EAPs)
The cost of living crisis shows no signs of abating, piling pressure on every type of household after inflation rose by 9.4% in the 12 months to June 2022. Therefore, it comes as no surprise that currently almost a quarter of UK adults are now concerned about their financial health.
So, as millions of people on Universal Credit and benefits received the first half of a £650 cost of living payment from the government this month, new research suggests it couldn’t come soon enough, with not being able to pay basic living costs, such as rent, energy bills and food, identified as the biggest financial concern (34%) .
Despite this, only 38%  of people actually keep a budget and know what they can spend each month, according to research by WEALTH at work, a leading financial wellbeing and retirement specialist. This is particularly worrying when there appears to be a stigma attached to discussing money worries.
One in seven (14%) people, rising to almost one in four (23%) 18 – 34 year olds, say they feel embarrassed about their financial worries, but help could be available in the workplace if sought .
Jonathan Watts-Lay, Director, WEALTH at work, comments; “It’s worrying that the new research shows us that 1 in 4 are now concerned about their financial health. With inflation rises and petrol prices hitting record highs, the cost of living crisis is not easing any time soon, and many households are struggling to pay basic living costs, such as rent, energy bills and food.”
He explains; “It’s important for those struggling with money to get the help needed to alleviate this financial bombshell. The workplace is a great place to start as it may provide ways for you to save money e.g. money off the weekly shop via discount schemes, as well as support services like loan consolidation if you are in debt. Many offer financial education to help their employees understand their finances including; ways to save money, manage a budget and what to do if in debt.”
Watts-Lay adds: “Embarrassment must not stop people from taking action. It is worth speaking to your employer to find out what help they provide including financial education. They can also signpost external support such as MoneyHelper’s budget planner, Citizens Advice which can let you know any benefits or grants you are eligible for, or debt charities such as StepChange and National Debtline.”
 The survey of 2,000 UK Adults was carried out for WEALTH at work by Opinium from 8 – 11 July 2022
 The survey of 2,000 UK Adults was carried out for WEALTH at work by Opinium from 8 – 11 April 2022